VANCOUVER, March 18, 2015 /CNW/ - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") announces it has received approval of its plan of operations on the Patty project located in Eureka County, Nevada, along the prolific Cortez gold trend. The plan of operations at Patty and an existing permit at Garden Gate Pass allows for drilling to commence immediately. The drill equipment is gearing up for a combined 5,000-metre campaign.
William C. Howald, President and CEO of the Company stated, "The Cortez trend is an exciting exploration area that has tremendous upside potential. Since 1991, over 50 million ounces of gold have been discovered, mined and processed along the trend, with Barrick's 15‑plus million ounce Goldrush deposit illustrating the potential and the prize. Our Garden Gate Pass property abuts the Goldrush discovery, and the Patty project sits to the south and in the same geologic environment along the trend. We have been refining the drill targets since 2012 and believe they pose some of the best exploration opportunities along this world-class gold trend."
The Company will drill test the Garden Gate Pass and Patty properties, pursuing the strike extension of Barrick's growing Goldrush deposit. As a result of reconciling 2012 and 2014 drilling information (see April 29, 2014, news release) with seismic data, the Company has refined its targets, identifying a disrupted zone beneath an anticline structure. The structural architecture on the seismic profile is significant and similar to the published geometry of the Goldrush deposit. The new interpretation represents a high-priority drill target that could lead to identifying the extension of the Goldrush deposit.
The Patty project lies to the south and along the same geologic setting as Goldrush. The Cortez drill program is starting at Patty and focusing on targeting a new discovery. Two priority targets have been identified. The first is the strike extension of the Goldrush geologic setting. Past drilling returned a drill interval consisting of 105 metres grading 0.3 g/t gold. The overall thickness of the zone is encouraging and is being used to vector new drilling in the Goldrush Anticline target. The second target, Indian Creek, is very exciting and represents a newly identified parallel structural zone. Geologic mapping has re-interpreted a sedimentary debris-flow breccia deposited along the trace of a major basement fault, a potential ore-controlling feature. This structural architecture provides the optimal setting for a Carlin-type deposit and potential new discovery.
Walsh Construction is preparing the drill sites, and Boart Longyear is completing the drilling. All drill samples will be shipped to American Assay laboratory in Reno, Nevada, for preparation and assay.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company led by a seasoned management team that has participated in major discoveries totalling over 100-million ounces of gold. The team is engaged in the acquisition, exploration and development of quality resource-based gold and silver projects along the emerging Oreana trend and the prolific Cortez trend. Benefitting from its strong financial position, the Company's strategy is to balance development and exploration risk, creating value by:
- Advancing the Lincoln Hill project toward production;
- Pursuing a world class discovery - Garden Gate and Patty - contiguous to and on strike with Barrick's Goldrush deposit; and
- Seeking new project opportunities and accretive transactions.
The Company's cash and cash flowing royalty allow for progress without dilution to shareholders. For more information about the Company, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors:
William C. (Bill) Howald, CEO & President
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources (and, in respect of the Coeur Rochester mine 3.4% NSR, the reliability of calculation of Coeur's mineral resources and reserves); the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Rye Patch Gold
For further information: Rye Patch Gold Corp, [email protected], Tel.: (604) 638-1588, Fax: (604) 638-1589